That's largely a symbolic vote snoop
Dem senate plan was extend for 250k and under
Basicially dems saying we for the 99% and against the 1% or whatever
House says its a non starter
Taxes strawman arguement in general not the source of our problems (fed/government too big etc)
Dem senate plan was extend for 250k and under
Basicially dems saying we for the 99% and against the 1% or whatever
House says its a non starter
Taxes strawman arguement in general not the source of our problems (fed/government too big etc)
It's all just one big circus in the end to make the little guy think it matters and split them up into groups bickering amongst each other... A one party system ....and they all in bed with the elite/big corporations in our commufascist non free market capitalism we got today
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Got some good data to rally on today .... Back to 1350-1370 area we go for probably the 25th time (who knows its a lot) in the past 1.5 years
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Got some good data to rally on today .... Back to 1350-1370 area we go for probably the 25th time (who knows its a lot) in the past 1.5 years
Err the rally has more to do with talk and plans as the dollar is getting smoked and euro rallying big
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ECB's Draghi Repeats The Party Line, Forces Another Brief EUR Squeeze, Sends Futures Soaring
Submitted by Tyler Durden on 07/26/2012 - 07:07Ben Bernanke Bond Borrowing CostsEuropean Central Bank Germany Monetary Policy NASDAQWhen you can't act, you talk. Sure enough, here we go again:
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ECB's Draghi Repeats The Party Line, Forces Another Brief EUR Squeeze, Sends Futures Soaring
Submitted by Tyler Durden on 07/26/2012 - 07:07Ben Bernanke Bond Borrowing CostsEuropean Central Bank Germany Monetary Policy NASDAQWhen you can't act, you talk. Sure enough, here we go again:
- DRAGHI SAYS ECB WILL DO WHATEVER NEEDED TO PRESERVE THE EURO
- DRAGHI SAYS THE EURO IS IRREVERSIBLE
- DRAGHI SAYS YIELD DISRUPTING POLICY TRANSMISSION ARE IN ECB REMIT
- DRAGHI SAYS SHARING SOVEREIGNTY ON EU LEVEL TO COME
- DRAGHI SAYS LAST EU SUMMIT WAS MOMENT OF RECOGNITION
For those stunned that the market is reacting as euphorically as it is to remarks which are basically a rehash of prior Draghi statements and are nothing new, or that bond yields are ripping in on the implicit threat that Draghi may reactivate the SMP, in the process further subordinating bondholders and cramming them down forcing even more selling, here is a sampling of previous Draghi statements explaining what he can do, and more importantly, what he is allowed to do under the existing European framework. Which is why we find it not very surprising that Draghi waited until all usual German suspects are on vacation and are thus unable to immediately issue a press release as to the structural limitations of what Draghi can do. Because when in doubt, ask this: does export-heavy Germany want a strong or a weak euro?
December 2011 - ECB Press Conference
Question: Why is it so impossible for the ECB to act like the other central banks, like the Federal Reserve System or the Bank of England? Why do you not act more directly to help European countries by buying up the debt on a massive scale?
Draghi: As I said before, we have a Treaty and the Treaty states what our primary mandate is, namely to maintain price stability. Also, the Treaty prohibits monetary financing. I am old enough to remember that, when this Treaty was written in the early 1990s, some of the countries around that table were actually doing what you suggest doing now, namely some of the central banks of these countries were financing the government expenditure of their governments through money creation, and the consequences were there for all of us to see. That is why, in a sense,this Treaty embodies the best tradition of the Deutsche Bundesbank, whereby monetary financing has always been prohibited.
Question: Mr Draghi, speaking in Parliament you also emphasized that the ECB would ensure price stability in both directions. Does that mean that there is a fear of deflation? My second question is, from a purely legal point of view, do you think there is any limitation on the ECB regarding the amount of government bonds that can be bought, as long as it can be justified on the basis of monetary policy considerations.
Draghi: At the present time we do not see a high probability of deflation. That is one point to keep in mind. The second point is, as I have said many times, that the purpose of the SMP is to reactivate the transmission channels of monetary policy. As I said in the statement to the European Parliament, the SMP is neither eternal nor infinite. We must keep this in mind and we do not want to circumvent Article 123 of the Treaty, which prohibits the monetary financing of governments.
And secondly, you have mentioned Article 123 in the Treaty. Would you consider active buying at around the time certain instruments are issued to be something that would be state financing, and would you regard that as being against ECB law?
Draghi: On the first issue, we are aware of the technical complexities that would arise with the SMP having an infinite size, but we will think about this. As for the other question, one can construct many different cases. But, as I said before, the key thing is that we should not try to circumvent the spirit of the Treaty. No matter what the legal trick is, I think what matters for the people and what matters for the confidence and credibility of the institution is the spirit of this provision of the Treaty.
2/9/12 - ECB Press Conference
Question: I also had a question on the EFSF. If the ECB were to transfer the bonds it has acquired under the SMP to the EFSF, would that be monetary financing?
Draghi: The EFSF is like a government. Giving money to governments is monetary financing.
December 2011 - ECB Press Conference
Question: Why is it so impossible for the ECB to act like the other central banks, like the Federal Reserve System or the Bank of England? Why do you not act more directly to help European countries by buying up the debt on a massive scale?
Draghi: As I said before, we have a Treaty and the Treaty states what our primary mandate is, namely to maintain price stability. Also, the Treaty prohibits monetary financing. I am old enough to remember that, when this Treaty was written in the early 1990s, some of the countries around that table were actually doing what you suggest doing now, namely some of the central banks of these countries were financing the government expenditure of their governments through money creation, and the consequences were there for all of us to see. That is why, in a sense,this Treaty embodies the best tradition of the Deutsche Bundesbank, whereby monetary financing has always been prohibited.
Question: Mr Draghi, speaking in Parliament you also emphasized that the ECB would ensure price stability in both directions. Does that mean that there is a fear of deflation? My second question is, from a purely legal point of view, do you think there is any limitation on the ECB regarding the amount of government bonds that can be bought, as long as it can be justified on the basis of monetary policy considerations.
Draghi: At the present time we do not see a high probability of deflation. That is one point to keep in mind. The second point is, as I have said many times, that the purpose of the SMP is to reactivate the transmission channels of monetary policy. As I said in the statement to the European Parliament, the SMP is neither eternal nor infinite. We must keep this in mind and we do not want to circumvent Article 123 of the Treaty, which prohibits the monetary financing of governments.
And secondly, you have mentioned Article 123 in the Treaty. Would you consider active buying at around the time certain instruments are issued to be something that would be state financing, and would you regard that as being against ECB law?
Draghi: On the first issue, we are aware of the technical complexities that would arise with the SMP having an infinite size, but we will think about this. As for the other question, one can construct many different cases. But, as I said before, the key thing is that we should not try to circumvent the spirit of the Treaty. No matter what the legal trick is, I think what matters for the people and what matters for the confidence and credibility of the institution is the spirit of this provision of the Treaty.
2/9/12 - ECB Press Conference
Question: I also had a question on the EFSF. If the ECB were to transfer the bonds it has acquired under the SMP to the EFSF, would that be monetary financing?
Draghi: The EFSF is like a government. Giving money to governments is monetary financing.
Every time bad or slowing data comes causing a dip somebody opens their mouth and builds in more expectations of intervention ... Few days ago it was the fed mouthpiece with the WSJ today it was super mario
Next round of QE could be one big sell the news event with everybody already pricing it in
And I don't see how QE is going to do anything regarding a slowing china (which
I keep beating the drum as far as being the true reflationary machine for the world the past 3 years)
QE allows the west to stagger along create more problems for a later date... Asian superheated growth (now slowing) is where a big chunk of growth comes from as far as multinationals bottom line
Next round of QE could be one big sell the news event with everybody already pricing it in
And I don't see how QE is going to do anything regarding a slowing china (which
I keep beating the drum as far as being the true reflationary machine for the world the past 3 years)
QE allows the west to stagger along create more problems for a later date... Asian superheated growth (now slowing) is where a big chunk of growth comes from as far as multinationals bottom line
Fuck...just fuck...
Was gonna pound PCS like a week ago and heldoff cause S&P was at the 1370 level that it can never do shit with. They CRUSHED earnings today, stock up 37%. Anyone got an opinion on this stock? Feel like its a good play on a bad economy, basically bargain cell phones (people aren't turning in their cells ever so more affordable seems logical step)
Was gonna pound PCS like a week ago and heldoff cause S&P was at the 1370 level that it can never do shit with. They CRUSHED earnings today, stock up 37%. Anyone got an opinion on this stock? Feel like its a good play on a bad economy, basically bargain cell phones (people aren't turning in their cells ever so more affordable seems logical step)
Yeah we'll see if Mario yapping squeezed me out at the top
I'm just so sick of this shit at this point ... This market has become a complete and utter joke... Where guys yapping with nothing to back it up can move trillion dollar markets instantly
Schauble Just Says Nein Again: German FinMin Denies Rumors Of ECB Bond Buying
Submitted by Tyler Durden on 07/28/2012 - 09:28Bond European Central Bank European Union Germany Gross Domestic ProductMomo Newspaper Timothy Geithner
When day after day, for three days in a row last week, the ECB spread rumors that it would commence buying Spanish debt in what was in retrospect nothing but a massive bluff (just as we suggested yesterday), what passes for a market postulated thatsince there was no official German denial, and with Merkel on vacation that would mean a statement from her finance minister sidekick Wolfgang Schauble, that Germany was ok with the reactivation of Spanish bond buying and as a result ramped risk by over 4% in 3 days. All of that is about to wiped out as Schauble has finally spoken. Quote Spiegel: "For days, it is rumored that the ECB will buy Spanish government bonds in a big way. Now Finance Minister Wolfgang Schaeuble has rejected such reports - there was "no truth". And scene. Luckily all the momo chasers who bought stocks last week on hopes their prayer-based strategy will finally play out, will be able to sell ahead of all those other momo chasers who bought stocks last week on hope their prayer-based strategy will finally play out. Or maybe not.
I'm just so sick of this shit at this point ... This market has become a complete and utter joke... Where guys yapping with nothing to back it up can move trillion dollar markets instantly
Schauble Just Says Nein Again: German FinMin Denies Rumors Of ECB Bond Buying
Submitted by Tyler Durden on 07/28/2012 - 09:28Bond European Central Bank European Union Germany Gross Domestic ProductMomo Newspaper Timothy Geithner
